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EPIGRAL - Epigral

📊 NSE: EPIGRAL 🏢 Chemicals 📅 Last Updated: 12/13/2025 21:55

📢 Recent Corporate Announcements

Epigral Limited to Hold One-on-One Investor Meeting with Ardeko Asset Management

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Mar 2026, 05:03 PM

Epigral Limited has scheduled a one-on-one meeting with Ardeko Asset Management Pvt. Ltd. on March 12, 2026. The interaction will take place via video conferencing to discuss the company's performance and outlook. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. This meeting is part of the company's routine investor relations activities as per SEBI regulations.

One-on-one meeting scheduled with Ardeko Asset Management Pvt. Ltd. on March 12, 2026.
The meeting will be conducted through Video Conferencing (V.C.) mode.
Discussions will be based on the latest Earnings Presentation and Corporate Presentation already available on the company website.
The company confirmed that no unpublished price sensitive information will be disclosed.

💡 No immediate action is required as this is a routine investor interaction. Investors can review the latest corporate presentation on the company's website to understand the current business trajectory.

Epigral Limited to Hold One-on-One Meeting with Abakkus Asset Manager on March 9

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Mar 2026, 05:54 PM

Epigral Limited has scheduled a one-on-one meeting with Abakkus Asset Manager Private Limited on March 9, 2026. The meeting will be conducted via video conferencing as part of the company's regular investor relations activities. Management has confirmed that no unpublished price sensitive information (UPSI) will be shared during the discussion. The interaction will likely focus on the company's existing corporate and earnings presentations already available in the public domain.

One-on-one meeting scheduled with Abakkus Asset Manager Private Limited.
The interaction is set for Monday, March 9, 2026, via Video Conferencing.
Company explicitly stated that no unpublished price sensitive information will be disclosed.
Discussions will be based on the latest Earnings and Corporate Presentations available on the company website.

💡 No immediate action is required as this is a routine investor interaction. Investors should monitor for any subsequent disclosures or management commentary that may emerge from such institutional engagements.

Epigral Limited to Hold One-on-One Investor Meeting with Sameeksha Capital on March 2, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Feb 2026, 06:16 PM

Epigral Limited has scheduled a one-on-one meeting with Sameeksha Capital Pvt. Ltd. via video conferencing on March 2, 2026. This interaction is part of the company's regular engagement with institutional investors to discuss business performance. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. Discussions will be based on the latest earnings and corporate presentations already available in the public domain.

One-on-one meeting scheduled with Sameeksha Capital Pvt. Ltd. for March 2, 2026.
The meeting will be conducted through Video Conferencing (V.C.) mode.
Company confirms that no unpublished price sensitive information (UPSI) will be discussed.
Interaction will focus on the latest Earnings Presentation and Corporate Presentation available on the company website.
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as this is a routine investor relations activity. Investors can review the latest corporate presentations on the company's website to understand the current business trajectory.

Epigral Limited to Meet Institutional Investors and Analysts on February 10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 03:34 PM

Epigral Limited has announced its participation in the Systematix India Annual Conference scheduled for February 10, 2026, in Mumbai. Additionally, the company will hold one-on-one physical meetings with Vallum Capital Advisors Pvt. Ltd. and Svan Investments Advisors on the same day. These meetings are part of the company's regular investor outreach program to discuss existing corporate and earnings presentations. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during these interactions.

Participation in Systematix India Annual Conference on February 10, 2026
One-on-one physical meetings scheduled with Vallum Capital Advisors and Svan Investments Advisors
All scheduled meetings will take place in Mumbai
Discussions will be limited to publicly available earnings and corporate presentations
Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015

💡 This is a routine disclosure; investors should monitor the company's website for any updated corporate presentations that might be discussed during these meetings.

Epigral Limited Awarded EcoVadis Silver Medal; Ranks in Top 15% Globally

🟢 POSITIVE ⭐ 4/10

OTHER 📅 03 Feb 2026, 04:53 PM

Epigral Limited has achieved the EcoVadis Silver Medal, placing it in the top 15% of over 150,000 companies evaluated globally for sustainability. This rating assesses the company's performance across four key pillars: Environment, Labor & Human Rights, Ethics, and Sustainable Procurement. As India's leading integrated chemical manufacturer, this recognition validates Epigral's commitment to ESG principles within its operations at Dahej, Gujarat. Such certifications are increasingly critical for attracting institutional investment and maintaining supply chain relationships with global clients.

Awarded the prestigious EcoVadis Silver Medal for sustainability excellence.
Ranked within the top 15% of more than 150,000 companies assessed worldwide.
Performance evaluated across Environment, Labor & Human Rights, Ethics, and Sustainable Procurement.
Reinforces the company's position as a responsible manufacturer of CPVC, Epichlorohydrin, and Caustic Soda.

💡 Investors should recognize this as a positive step in the company's ESG journey, which can lead to better valuation multiples and interest from ESG-focused funds. No immediate portfolio changes are necessary based on this news alone.

Epigral Q3 FY26: Revenue Grows 2% to ₹603 Cr; EBITDA Margins Contract to 17% Amid Cost Pressures

🔵 WATCH ⭐ 7/10

EARNINGS 📅 03 Feb 2026, 04:38 PM

Epigral reported a marginal 2% sequential revenue growth to ₹603 crores in Q3 FY26, though EBITDA fell 22% to ₹103 crores due to lower realizations and higher raw material costs. The Derivatives and Specialty segment now contributes 52% of total revenue, aligning with the company's long-term target of 70%. Management highlighted a volume recovery starting mid-November 2025 and expects significant contributions from the chlorotoluene value chain starting FY27. Despite current margin pressure, the company maintains a healthy net debt to EBITDA ratio of 1.0x.

Revenue grew 2% QoQ to ₹603 crores; EBITDA margins contracted to 17% from 22% in 9M FY26.
Derivatives and Specialty business contribution increased to 52% of total revenue.
Net debt remains stable at ₹557 crores with a comfortable Net Debt/EBITDA ratio of 1.0x.
Chlorotoluene value chain and CPVC capacity doubling on track for significant FY27 impact.
ECU realizations remained steady at approximately ₹29,000 to ₹30,000 per unit.

💡 Investors should monitor the recovery in realizations and the ramp-up of the chlorotoluene plant in FY27. The shift toward high-margin specialty derivatives provides a long-term cushion against commodity price volatility.

Epigral Limited Releases Audio Recording of Q3 FY2026 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 31 Jan 2026, 10:32 AM

Epigral Limited has officially released the audio recording of its Q3 FY2026 earnings conference call held on January 30, 2026. The recording provides a detailed discussion of the company's financial performance and operational updates for the quarter ending December 2025. This disclosure is part of the mandatory regulatory requirements under SEBI (LODR) Regulations, 2015. Investors can access the full audio via the company's website to understand management's perspective on market trends and future growth strategies.

Audio recording of the Q3 FY2026 earnings call is now available for public access.
The conference call was conducted on January 30, 2026, at 5:00 p.m. IST.
The recording covers management's commentary on the financial results for the third quarter of fiscal year 2026.
Compliance filing made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations.
Direct links to the audio file and the results section of the company website have been provided.

💡 Investors should listen to the recording to understand management's outlook on the chemical sector and specific volume growth guidance. It is a valuable resource for assessing the qualitative aspects of the Q3 performance.

Epigral Q3 FY26 Revenue at ₹603 Cr; PAT Drops 62% YoY to ₹39 Cr Amid Margin Pressure

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 30 Jan 2026, 02:35 PM

Epigral reported a weak Q3 FY26 with PAT falling 62% YoY to ₹39 Crore, primarily due to lower realizations and higher raw material costs. Revenue declined 7% YoY to ₹603 Crore, though it showed a marginal 2% sequential growth. EBITDA margins contracted significantly to 17% from 23% in the previous quarter. Despite short-term headwinds from an extended monsoon, management expects a recovery in Q4 FY26 and remains focused on its massive expansion projects in CPVC and Epichlorohydrin set for FY27.

Revenue stood at ₹603 Cr, down 7% YoY but up 2% QoQ, with 52% contribution from Derivatives & Specialty segment.
PAT declined significantly to ₹39 Cr from ₹104 Cr in Q3FY25 and ₹51 Cr in Q2FY26.
EBITDA margins compressed to 17% due to softer product realizations and elevated input costs.
Net Debt increased to ₹557 Cr with a Net Debt/EBITDA ratio of 1.0x as of December 2025.
Major capex of ₹337 Cr spent in 9MFY26 on doubling CPVC and Epichlorohydrin capacities.

💡 Investors should monitor the recovery in realizations and margin stabilization in Q4 as guided by management. While current earnings are under pressure, the long-term growth depends on the successful commissioning of high-value specialty chemical capacities in FY27.

Epigral Ltd Schedules Q3FY26 Earnings Conference Call for January 30, 2026

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 23 Jan 2026, 01:07 PM

Epigral Limited has announced its conference call to discuss the financial results for the third quarter of FY26, scheduled for Friday, January 30, 2026, at 5:00 PM IST. The call will feature senior management, including the Chairman and Managing Director, Executive Director, and CFO. This is a routine regulatory update to facilitate communication between the company and the investment community. The session is being hosted by Emkay Global Financial Services and includes international dial-in facilities for global participants.

Q3FY26 earnings conference call scheduled for January 30, 2026, at 17:00 IST.
Management participants include CMD Maulik Patel, ED Kaushal Soparkar, and CFO Rakesh Agrawal.
Hosted by Emkay Global Financial Services with DiamondPass pre-registration available.
Universal dial-in numbers provided: +91 22 6280 1325 and +91 22 7115 8226.

💡 Investors should review the Q3FY26 financial results once released and attend the call to understand management's outlook on chemical sector demand and margin sustainability.

Epigral Limited to Hold One-on-One Meeting with UTI Asset Management on January 16, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Jan 2026, 09:16 AM

Epigral Limited has scheduled a one-on-one meeting with UTI Asset Management Company Ltd on January 16, 2026. The interaction will take place via video conferencing to discuss the company's latest corporate and earnings presentations. The company has confirmed that no unpublished price sensitive information (UPSI) will be shared during the session. This meeting is part of the company's regular engagement with institutional investors to provide updates on business performance.

One-on-one meeting scheduled with UTI Asset Management Company Ltd on January 16, 2026.
The meeting will be conducted through Video Conferencing (V.C.) mode.
Discussions will be based on publicly available Earnings and Corporate Presentations.
The company has explicitly stated that no unpublished price sensitive information will be shared.
The meeting is compliant with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 No immediate action is required as this is a routine investor interaction. Investors may review the latest corporate presentation on the company's website to stay updated on the business outlook.

Epigral Limited to Hold One-on-One Meeting with Ageless Capital on January 13, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Jan 2026, 03:08 PM

Epigral Limited has scheduled a one-on-one meeting with Ageless Capital and Finance on January 13, 2026. The interaction will take place via video conferencing as part of the company's regular investor outreach program. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this session. Discussions will be limited to the latest earnings and corporate presentations already available in the public domain.

One-on-one meeting scheduled with Ageless Capital and Finance for January 13, 2026.
The meeting will be conducted through Video Conferencing (V.C.) mode.
Company confirms that no unpublished price sensitive information (UPSI) will be disclosed.
Discussions will focus on existing corporate and earnings presentations available on the company website.

💡 No immediate action is required as this is a routine investor engagement. Investors can review the company's latest corporate presentation on their website to stay updated on business performance.

Epigral Limited Files Quarterly SEBI Compliance Certificate for Q3 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 06:17 PM

Epigral Limited has submitted its quarterly compliance certificate for the period ended December 31, 2025, as per SEBI regulations. The filing confirms that the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, has processed all dematerialization requests within the required timelines. It ensures that physical share certificates received were properly cancelled and the register of members was updated with depository names. This is a standard procedural disclosure required for all listed companies in India to maintain transparency in shareholding records.

Compliance certificate issued for the quarter ended December 31, 2025.
Registrar MUFG Intime India confirms processing of dematerialization requests within prescribed timelines.
Security certificates received were mutilated and cancelled after due verification.
The name of the depositories has been substituted in the register of members as the registered owner.

💡 This is a routine administrative filing with no impact on company fundamentals. No action is required from investors based on this announcement.

Epigral Receives ₹52.52 Crore Income Tax Demand Notice for AY 2022-23

🔵 WATCH ⭐ 6/10

LEGAL 📅 01 Jan 2026, 04:31 PM

Epigral Limited has received an assessment order and demand notice of ₹52.52 crore from the Deputy Commissioner of Income Tax, Vadodara. The demand pertains to Assessment Year 2022-23 (Financial Year 2021-22) and includes applicable interest. The company intends to contest the order by filing a rectification application and an appeal, asserting that the demand is not maintainable. Management states there is currently no impact on the company's financial operations or activities.

Income Tax demand notice received for ₹52.52 crore including interest
Pertains to Assessment Year 2022-23 under section 143(3) of the Income-tax Act
Company plans to file rectification application and appeal against the order
Management maintains that the demand is not maintainable and has no immediate financial impact

💡 Investors should monitor the outcome of the appeal process as the demand amount is significant, though the company is currently contesting the liability.

Epigral Limited Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Dec 2025, 03:33 PM

Epigral Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the results are officially announced. The company has also implemented PAN-level freezing through CDSL to ensure regulatory compliance.

Trading window closure begins on January 1, 2026, for all insiders and designated persons.
Closure is mandatory for the upcoming Un-Audited Financial Results for Q3 and Nine Months ended Dec 31, 2025.
The window will reopen 48 hours after the board meeting where results are declared.
CDSL has been designated to freeze PANs at the security level for ISIN INE071N01016 to prevent unauthorized trading.

💡 This is a routine regulatory announcement with no impact on company fundamentals; investors should monitor for the upcoming Q3 FY26 earnings date.

Epigral Limited to Hold One-on-One Meeting with Bandhan Mutual Fund on Dec 23

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Dec 2025, 05:55 PM

Epigral Limited has scheduled a one-on-one meeting with Bandhan Mutual Fund on December 23, 2025, via video conferencing. This interaction is part of the company's regular engagement with institutional investors to discuss publicly available corporate and earnings presentations. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during the session. Such meetings are standard practice for maintaining transparency with major fund houses and institutional stakeholders.

One-on-one meeting scheduled with Bandhan Mutual Fund on December 23, 2025.
The interaction will be conducted through Video Conferencing (V.C.).
Discussions will focus on existing Earnings and Corporate Presentations available on the company website.
The company explicitly stated that no unpublished price sensitive information will be disclosed.

💡 No immediate action is required as this is a routine investor relations event. Investors may review the latest corporate presentation on the company's website to understand the current business outlook.

View All EPIGRAL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from the Specialty and Derivative segment grew significantly, increasing its revenue share to 54% in the first nine months of FY2025 compared to 42% in the previous year. Overall revenue for FY2024-25 reached INR 2,550.13 Cr, a 32.2% increase from INR 1,929.19 Cr in FY2023-24. However, H1 FY2026 saw a 6% YoY revenue decline to INR 1,204 Cr due to lower realizations.

Geographic Revenue Split

Not disclosed in available documents; however, the company focuses on import substitution for the domestic Indian market for products like ECH and CPVC where domestic capacity is low.

Profitability Margins

Profit After Tax (PAT) for FY2024-25 was INR 356.70 Cr, representing a 14% net margin, up from INR 195.79 Cr (10.1% margin) in FY2023-24. H1 FY2026 PAT stood at INR 212 Cr (18% margin), though this was aided by a one-time deferred tax credit of INR 81 Cr.

EBITDA Margin

EBITDA margin was 28.5% in FY2024-25 (INR 725.93 Cr) compared to 25.3% in FY2023-24. In Q2 FY2026, the margin compressed to 23% (INR 132 Cr) from 29% in Q2 FY2025 due to a drop in product realizations while raw material costs remained stagnant.

Capital Expenditure

The company is investing INR 780 Cr to double capacities for CPVC (to 150,000 TPA) and ECH (to 100,000 TPA). In H1 FY2026, actual capex spent was INR 236 Cr.

Credit Rating & Borrowing

Long-term credit rating is CRISIL AA-/Positive (upgraded from Stable) and short-term rating is CRISIL A1+. Adjusted interest coverage is healthy at 6-9 times for the FY2024-2027 period.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Glycerol (for ECH production), Salt (for Caustic Soda), and Chlorine. Raw material costs remained high in Q2 FY2026, contributing to a 19% drop in EBITDA as realizations fell.

Capacity Expansion

Current CPVC capacity is 75,000 TPA, expanding to 150,000 TPA; ECH is 50,000 TPA, expanding to 100,000 TPA by H1 FY2027. The Chlorotoluene value chain plant was commissioned in March 2025.

Raw Material Costs

Raw material costs as a percentage of revenue increased in Q2 FY2026 as product prices dropped while input costs stayed flat. The company uses a glycerol-based process for ECH to manage costs and sustainability.

Manufacturing Efficiency

Overall plant utilization stood at 78% in Q2 FY2026, down from 83% in Q2 FY2025. H1 FY2026 utilization was 75% compared to 83% in H1 FY2025.

📈 Strategic Growth

Expected Growth Rate

12-15%

Growth Strategy

Growth will be driven by doubling CPVC and ECH capacities by H1 FY2027 and ramping up the new Chlorotoluene value chain, which is expected to contribute significantly from FY2027. The strategy focuses on import substitution for high-demand derivatives and increasing the specialty revenue share to 70%.

Products & Services

Caustic Soda, Chlorine, Hydrogen, Chloromethanes (CMS), Chlorinated Polyvinyl Chloride (CPVC), Epichlorohydrin (ECH), and Chlorotoluene derivatives.

Brand Portfolio

Epigral (formerly Meghmani Finechem).

New Products/Services

Chlorotoluene value chain and expanded CPVC/ECH capacities are expected to drive double-digit revenue growth over the medium term.

Market Expansion

Focusing on downstream chlorine and hydrogen derivatives to diversify away from the competitive Chlor-Alkali market.

Market Share & Ranking

The company is a major player in the Indian Chlor-Alkali industry, competing with GACL, DCM Shriram, and Grasim.

Strategic Alliances

Part of the Ahmedabad-based Meghmani Group; originally a subsidiary of Meghmani Organics Ltd.

🌍 External Factors

Industry Trends

The industry is shifting toward integrated operations and downstream derivatives. Epigral is positioning itself by moving from a 30% specialty mix in FY2023 to a target of 70% to insulate against commodity price cycles.

Competitive Landscape

Intensely competitive Chlor-Alkali market dominated by large players like Gujarat Alkalis and Chemicals Ltd (GACL) and Grasim Industries.

Competitive Moat

Moat is built on integrated operations (captive chlorine/hydrogen use) and a low-cost production model. Sustainability is supported by being the first in India to use glycerol-based ECH production.

Macro Economic Sensitivity

Demand is sensitive to slowdowns in key end-user industries (textiles, alumina, paper) which can lead to destocking and lower realizations.

Consumer Behavior

Increased domestic demand for CPVC (pipes) and ECH (epoxy resins) is driving the shift toward these import-substitute products.

Geopolitical Risks

Exposure to global supply chain shifts and regulatory changes in environmental laws.

⚖️ Regulatory & Governance

Industry Regulations

Subject to environmental regulations on greenhouse gases and hazardous chemical management. Compliance with Extended Producer Responsibility (EPR) for packaging waste is maintained.

Environmental Compliance

Invested in an 18.34 MW wind-solar hybrid plant and uses waste-minimizing technologies to comply with emission and wastewater disposal norms.

Taxation Policy Impact

The company shifted to a new tax rate of 25.17% in FY2026, which resulted in a one-time reduction of deferred tax liability by INR 81 Cr.

⚠️ Risk Analysis

Key Uncertainties

Vulnerability of operating margins to fluctuations in Caustic Soda prices and potential delays in the commissioning of the INR 780 Cr CPVC/ECH expansion projects.